CHF/JPY 1D Chart: About to be squeezed in

Source: Dukascopy Bank SA

Indicator 1D 1W 1MN
MACD (12; 26; 9) Sell Sell Buy
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3) Sell Sell Buy
Alligator (13; 8; 5) Sell Neutral Neutral
SAR (0.02; 0.2) Buy Sell Buy
Aggregate

The two top risk off currencies have reached a critical level on the daily chart one against another. The pair recently bounced off the lower trend line a dominant pattern and moved to the resistance of a junior channel down. 

The resistance is strengthened by various additional resistance levels near the 114.50 mark. Due to that reason a decline down in the future can be expected. However, downwards there are set to be various support levels before the pair reaches it eventual target near the 113.35 level. 

At that level the dominant patterns support line is located with other weekly and monthly support levels.

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